We are a couple & are 60. Both working currently, healthy & plan on working for years to come. Have an IRA with a financial company in the amount of $300K. We are both contributing to our 401K's but only 2K currently in both.
The issue is that we have been in foreclosure & appears the bank will not do a loan mod, so will have to move out in a few months & a short sale will ensue. We also have a 2nd mortgage which we are current in.
We are contemplating purchasing a townhouse for $180K cash & deplete the IRA. Our monthly fees to include maintenance, HOA & insurance will be $500/month, but we will own it.
Our financial advisor has suggested we simply rent & purchase in a few years with a mortgage as this will be devastating to our retirement fund. We understand we will be paying taxes on the $180k of probably 20%.
Renting will be $1500/month & at a minimum will spend $36K in 2 years before any company will give us a mortgage loan.
Any suggestions will greatly appreciated! Thanks!!!
Sat Aug 13, 2016 2:29 pm
malikquyyum First Time Poster
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